The walls are closing in on the eurozone, as options for resolving the European debt crisis are about to narrow dramatically. After many months of drama and handwringing, the sovereign debt bailout express is about to run off the rails, leaving the European central bank, and probably a number of megabanks across Europe, in financial ruins, and most likely spelling the demise of the euro and of the entire eurozone experiment.
In its efforts to avoid restructuring (i.e., defaulting on) its debt, Greece announced the sale of some of its assets to raise funds and to satisfy the austerity requirements imposed on the country last March. It is trying to raise $70 billion by 2015. Its efforts won’t be nearly enough.
National self-determination remains very much alive in Europe. People such as the Greeks and the Finns — who suffered for centuries under the rule of great empires before they established their own small nations — are resisting the attempts of European Union bureaucrats and politicians to tell them how to run their homelands.
The chickens of unfettered immigration came home to roost for Britons again this week. Four Muslims are on trial for beating a teacher because they didn't like him teaching about religions other than Islam. Meanwhile, a jury sent a teenage hitman to prison for life for the contract murder killing of a Turkish woman whose husband was suspected of taking out the contract.
The European Union is making rapid advances toward becoming officially recognized as a nation-state by the United Nations and the international community, prompting a fierce backlash from political parties and experts concerned with national sovereignty — particularly in the United Kingdom.